XRP - Rejection from a danger zone. Capitulation Likely To Come.
Ever since XRP reached its high of $0.585 it has been trying to break higher with no cuccess.
If we extend fib. levels form the top to the bottom of $0.41 we can see that the XRP has attempted to break higher tho has been rejected for the second time recently. Rejection from a .786 fib. retracement level is common as it presents a danger zone where prices if get rejected can revers the trend temporary.
Given that XRP tends move the last in the market ether to the upside or downside i thing we could be on a verge of a last capitulation as the rest of the market experiences second "flush" taking the whole market a little lower before reversing upwards. A final "flush" is what XRP went trough as SEC filled a lawsuit against Ripple in 2020.
RSI is also showing bearish divergences.
No one knows how deep can capitulation go but imo. it could go anywhere from $0.41-$0.36. We have to look for a high buy volume which typically a sign of a reversal.
DISCLAMER
I am not a financial advisor so non of this should be taken as a financial advise. Be well
If we extend fib. levels form the top to the bottom of $0.41 we can see that the XRP has attempted to break higher tho has been rejected for the second time recently. Rejection from a .786 fib. retracement level is common as it presents a danger zone where prices if get rejected can revers the trend temporary.
Given that XRP tends move the last in the market ether to the upside or downside i thing we could be on a verge of a last capitulation as the rest of the market experiences second "flush" taking the whole market a little lower before reversing upwards. A final "flush" is what XRP went trough as SEC filled a lawsuit against Ripple in 2020.
RSI is also showing bearish divergences.
No one knows how deep can capitulation go but imo. it could go anywhere from $0.41-$0.36. We have to look for a high buy volume which typically a sign of a reversal.
DISCLAMER
I am not a financial advisor so non of this should be taken as a financial advise. Be well